Financial corporations and not to the least the work of their executives have been frequent subjects of general discussion since the economic collapse in the fall of 2008. The author thus thought there were ample reasons to consider what administrative responsibilities executives of financial corporations have.There is much to be considered when the obligations of executives are examined. Financial corporations are operated as limited companies. The regulations concerning financial corporations are far more extensive than those of ordinary limited companies. It is therefore necessary to look at what distinctions set financial corporations and other limited companies apart, but the operation of those corporations can be of great significance to the economy of every nation. There is also a need to look at who can be considered as executives of financial corporations and the qualifications they need to meet. Board directors, managers and other key employees have to be considered to be the highest form of management within financial corporations. The obligations that lay on their shoulders are multifarious whether they are bound by law, principles, directives or the idea of corporate governance. For executives to be equipped to stand up to the obligations that come with running such a complex and essential enterprise it is natural that expectations for their qualifications are great. Executives also need to recognize to whom their obligations are, and also whose interests they need to bear in mind when running the company. It is important to consider the extensive supervision that financial corporations are under, both from within the corporations and the outer supervision of accountants and government. Obligations cannot be discussed without also discussing responsibility but there within lie the claims for damages and penalties that can be made on the hands of executives. In the wake of the economic collapse in the fall of 2008 regulations concerning financial operations were completely revised. Those revisions have to be considered to be for the good although experience is lacking at the moment. On the other hand it is the author’s opinion that caution needs to be taken when making new legislations that can easily have a negative influence on the financial market. It is also important that legislations in this country are not stricter in this country than those in neighboring countries; such legislations can be detrimental to the competitive position of financial corporations. The access that executives have to the regulations that they are obliged to abide by might however be amended. At present those regulations are scattered within various laws, regulations and directives. Furthermore, the obligations of key employees are poorly defined in the legislation. The foundation of prudent management is that executives are aware of their obligations and exercise corporate governance in their work. Supervision needs to be effective and assessment of guilt needs to be suitable when it comes to penalty clauses. These things are necessary for the operation of corporations to run efficiently and to attract competent people for the positions of top executives.